|
Most of us have worked hard to accumulate the funds
we have. We would like to preserve and protect our assets
so that they may be enjoyed by future generations. A trust
can assure that assets will be managed for your benefit while
you are alive, and will provide continuity by preserving and
protecting these assets for future generations.
In addition to ensuring that your wealth will be available
for your descendants, there are many other reasons for having
a trust: care of a loved one; education of offspring; preservation
of assets; charitable purposes; incapacity of an individual;
and, of course, managing the estate tax exposure.
Your attorney will individually tailor your trust to target
your needs. By working with your attorney and accountant,
we can assist you in developing and carrying out provisions
in your trust that will serve your objectives.
As the grantor of a trust either funded now, or to be funded
at some future point, you may have selected a family member
or an advisor as trustee. The individual thus selected may
feel honored and accept the trusteeship with little appreciation
of the duties and responsibilities that accompany the role.
Many individual trustees are not equipped to exercise their
duties with the care, skill and diligence required by trust
law. In addition, certain types of trusts, while well suited
to achieving the grantor's objectives, are technically complex
and demanding to administer. With Acadia as trustee, or co-trustee,
you are assured of the continuity and consistent attention
that are not easily obtainable if you name an individual as
the sole trustee.
On the other hand, you may decide you want to be trustee
of your own trust. We will work with you while you are the
trustee of your trust to invest the assets according to your
wishes. Acadia stands ready to serve as Successor Trustee
in the event you decide you would like to resign as trustee,
or you become disabled or die. Continuity of involvement will
be a source of comfort to the family.
As trustee, we are held to a more demanding standard than
the ordinary person. Over the years, the standards that are
used to evaluate trustee performance have become increasingly
elaborate, and these requirements now have been embedded in
legislation in most states. Careful reading of these laws
and understanding what they demand in practice would lead
a prudent person to seek the assistance of a trust professional.
|
